ADB upgrades PH growth forecast to 5.1%

The Asian Development Bank (ADB) has raised its Philippine economic growth forecasts for 2021 to 5.1% and for 2022 to 6%, citing a robust vaccination program and declining COVID-19 cases.

This upgrade comes after the country's third-quarter GDP grew by 7.1%, surpassing initial estimates despite the Delta variant surge.

The Development Budget Coordination Committee (DBCC) also revised its growth target for 2021 to 5% to 5.5%, up from a previous range of 4% to 5%. For 2022, it retained its goal at 7% to 9%.

ADB Philippines Country Director Kelly Bird noted the economy's resilience and highlighted public spending on infrastructure and continued vaccination efforts as key drivers for further recovery in 2022.